The parliament of the group of more than 1,100 islands passed a law Wednesday, declaring that its new currency, named Sovereign (SOV), will be distributed and exchanged as a digital coin.

The Marshall Islands, a sovereign nation in the south Pacific, halfway between Hawaii and Australia currently uses the US dollar as its currency.

The President of the Republic of the Marshall Islands (RMI), Dr. Hilda C. Heine said: “This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty”

Sovereign is expected to be issued to the public later this year with an Initial Currency Offering (ICO), with every resident of the Marshall Islands to receive a free allocation.